Markets

CBOT soy ends higher on talk China buying US soy

CHICAGO : Chicago Board of Trade soybean futures closed higher on Monday on talk China was in the market for US so
Published Updated

* Soymeal closed weak and soyoil closed higher.

* November expired quietly up 6 cents per bushel at $11.72.

* Short-covering and unwinding of corn/soy and wheat/soy spreads also contributed to the advances in soybean futures.

* Traders said soybeans were bucking the bearish trend from the macroeconomic indicators such as the firm dollar and lower crude oil.

* Showers off and on over the next 10 days will slow the final harvest of the US corn and soybean corps - Global Weather Monitoring.

* Commerzbank expects soybean prices to average 1,400 US cents per bushel next year.

* NOPA said October US soy crush 141.179 million bushels, below an average of analysts' estimates for 142.25 million.

* Deliveries on November 42 contracts. ADM customer issued 24, BNY Mellon customer issued 15. Merrill customer stopped 26 and ABN Amro customer stopped 12.

* January below all key moving averages and the nine-day RSI at 37. 1:22 PM CST

Copyright Reuters, 2011